DEBT (Tables)

3 Months Ended

Mar. 31, 2016

Schedule of Interest Rate Swap Contracts

The interest rate swaps listed below manage interest rate risk associated with the forecasted future issuance of fixed-rate debt related to (1) the expected refinancing of the ITC Holdings 5.875% Senior Notes, due September 30, 2016 (“5.875% Senior Notes”) and (2) the expected financing required to repay the amount borrowed under ITC Holdings’ term loan credit agreement, due September 30, 2016 (“Term Loan”). As of March 31, 2016, ITC Holdings had $139.2 million and $160.9 million outstanding under the 5.875% Senior Notes and Term Loan, respectively.



Interest Rate Swaps	Notional Amount		Weighted Average Fixed Rate		Original Term	Effective Date
(Amounts in millions)
August 2014 swap	$	25.0	3.217	%	10 years	September 2016
October 2014 swap	25.0		3.075	%	10 years	September 2016
January 2015 swap	25.0		2.301	%	10 years	September 2016
February 2016 swaps	75.0		1.687	%	10 years	September 2016
March 2016 swap	50.0		1.743	%	10 years	September 2016
Total	$	200.0

Schedule of Revolving Credit Agreements

At March 31, 2016, ITC Holdings and its Regulated Operating Subsidiaries had the following unsecured revolving credit facilities available:



(amounts in millions)	Total Available Capacity		Outstanding Balance (a)		Unused Capacity			Weighted Average Interest Rate on Outstanding Balance		Commitment Fee Rate (b)
ITC Holdings	$	400.0	$	7.0	$	393.0	(c)	1.6%	(d)	0.175	%
ITCTransmission	100.0		61.1		38.9			1.4%	(e)	0.10	%
METC	100.0		12.4		87.6			1.4%	(e)	0.10	%
ITC Midwest	250.0		90.8		159.2			1.4%	(e)	0.10	%
ITC Great Plains	150.0		61.5		88.5			1.4%	(e)	0.10	%
Total	$	1,000.0	$	232.8	$	767.2

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(a)	Included within long-term debt.


(b)	Calculation based on the average daily unused commitments, subject to adjustment based on the borrower’s credit rating.

(c)

ITC Holdings’ revolving credit agreement may be used for general corporate purposes, including to repay commercial paper issued pursuant to the commercial paper program described above, if necessary. While outstanding commercial paper does not reduce available capacity under ITC Holdings’ revolving credit agreement, the unused capacity under this agreement adjusted for the commercial paper outstanding was $86.0 million as of March 31, 2016.


(d)	Loan bears interest at a rate equal to LIBOR plus an applicable margin of 1.25% or at a base rate, which is defined as the higher of the prime rate, 0.50% above the federal funds rate or 1.00% above the one month LIBOR, plus an applicable margin of 0.25%, subject to adjustments based on ITC Holdings’ credit rating.


(e)	Loans bear interest at a rate equal to LIBOR plus an applicable margin of 1.00% or at a base rate, which is defined as the higher of the prime rate, 0.50% above the federal funds rate or 1.00% above the one month LIBOR, subject to adjustments based on the borrower’s credit rating.